China Petroleum & Chemical Corp , better known as Sinopec Corp, recorded a 6.9% decline in net income for 2022, as Chinese fuel demand was hit by Beijing's COVID-19 control measures and consumption of petrochemicals also weakened.
, better known as Sinopec Corp, recorded a 6.9% decline in net income for 2022, as Chinese fuel demand was hit by Beijing's COVID-19 control measures and consumption of petrochemicals also weakened.
" due to multiple factors, Chinese demand for natural gas, petrochemicals and refined oil products were lackluster," Sinopec said. For 2023, the state oil and gas major plans to produce 280.23 million barrels of crude oil and 12,918 billion cubic feet of natural gas. "Chinese overall economy is expected to recover in 2023, set to lift rapidly domestic demand for natural gas, refined fuel and chemicals," the company said, adding that global oil prices are likely to stay elevated due to geopolitics and inventory levels.
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